KIPCO announces nine months net profit KD23.7m ($84.3m)
- Kuwait: Monday, November 05 - 2012 at 15:18
- PRESS RELEASE
KIPCO, the Kuwait Projects Company has announced a net profit of KD23.7m ($84.3m), or 18.27 fils ($6.5 cents) per share for the first nine months of 2012 - an increase of 0.4% on the KD23.6m ($85.7m) profit, or 19.02 fils ($6.9 cents) per share, reported in the same period last year.
KIPCO's total revenues for the first nine months of 2012 increased by 22% to KD323m ($1.15bn) compared to the KD265m ($962m) reported for the first nine months of last year.
The company also saw a rise in operating profit to KD66m ($235m) for the first nine months of 2012 - an increase of 12% from the KD59.1m ($215m) reported in the first nine months of 2011.
KIPCO's consolidated assets increased in the first nine months of 2012, to KD6.4bn ($23bn) from KD5.9bn ($21.2bn) for the year-end 2011.
Mr Tariq Abdulsalam, KIPCO's Chief Executive Officer - Investment, said KIPCO's third quarter results were consistent with the company's expectations, "As expected, the underlying trends within our first quarter and half year results have continued into the third quarter, with our financial services, media and real estate companies showing consistent levels of growth in both revenue and profitability. Although our profits show only a slight year-on-year increase, our companies are demonstrating a high degree of resilience to difficult market conditions. If these trends continue until year-end, then we can expect to meet the financial targets we set for this year."
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